Hyvia gives up: H2 ramp-up too slow - restructuring failed
The H2 joint venture between commercial vehicle manufacturer Renault and fuel cell specialist Plug Power, Hyvia, has failed and must be liquidated. This is according to a press release the company has now sent out. By a ruling on February 18, 2025, the Court for Economic Activities in Versailles, France, converted the judicial reorganization proceedings opened on December 10, 2024, in favor of Hyvia into a judicial liquidation, the statement says.
This decision is a consequence of the absence of a credible takeover offer in the process conducted by the court administrator to find interested buyers. The difficulties faced by the company are mainly due to the slow development of hydrogen mobility ecosystems in Europe and the very high development costs required for hydrogen innovations, the statement continues.
The Hyvia adventure is over
The employees will be supported or reassigned based on their expertise, with support from the shareholders and the implementation of an employment security plan. The liquidated company expressed its gratitude to all the customers, shareholders, partners, and employees "who have supported the HYVIA adventure since its inception in June 2021." The plan of the joint venture, founded four years ago, was to create a complete ecosystem for the European markets that combines light commercial vehicles with fuel cells, hydrogen refueling stations, and services for financing and maintaining fleets.
Translated automatically from German.